Business transformation

InWealth and asset management

We can help you create bolder strategies, more efficient operations and stronger performance.

Wealth and asset management firms must continue to build their businesses, but serious challenges threaten that growth — including margin pressure, customer experience upgrades, compliance and globalization. Each is a priority, and all compete for resources.

Positioning for growth while reducing costs requires a structured approach that focuses on spending while delivering process efficiency.

We help you improve your front-, middle- and back-office functions. We can increase your efficiency and manage its overall impact on profitability by leveraging technology, data and digital teams across the value chain.

Our latest thinking

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Keeping a business transformation on track

We supported a wealth and asset management technology provider in delivering a successful transformation project.

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How can one engagement support two clients?

Helping to deliver a large-scale transformation project

A leading wealth and asset management technology provider called us in to help it deliver a large-scale transformation project for a UK-based wealth manager. The technology company was implementing a bespoke, integrated front- and back-office platform for the wealth manager, including a brand-new proposition that enabled self-directing customers to buy and sell investments. It turned to us to help make sure the project was completed successfully and involved practitioners with the right skills and experience.

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Practical solutions

Using our asset management industry knowledge to design a roadmap

The project was complex, requiring the wealth manager to migrate its entire book of business from its legacy platform to the new system and integrate technology architecture. We began by analyzing the existing situation in the form of a “health check,” talking to everyone involved to identify where the pain points were. After interviewing project managers, development teams and the end client to uncover the key challenges, we came up with a set of recommendations.

Our recommendations were detailed and practical, outlining the measures required to deliver the project on time and to budget.

“We established governance and worked with the business to agree on responsibilities and accountabilities and make sure regulatory requirements were met,” explains Dean Brown, EY Wealth & Asset Management Partner. “We held regular meetings with both parties, made sure both organizations were clear on scope and set up a phased delivery plan.”

The technology provider then asked us to execute the recommendations, at which point we took on full responsibility for managing its relationship with the end client.

Thanks to our knowledge of the industry and experience managing similar technology-enabled transformation projects, we were able to achieve positive outcomes for both parties. The wealth manager successfully completed its transition to the new system and is now benefiting from economies of scale and an improved ability to make acquisitions.

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Two satisfied customers

Supporting technology providers to win business and deliver results

Technology providers are increasingly turning to EY as a strategic partner. Our support gives them the flexibility to pitch for new business, knowing they can draft us in to help them with delivery. We have proven transformation methodology, coupled with knowledge of both the technology and the wealth and asset management industry.

“Operating models are constantly changing and so are client demands,” says Dean Brown. “We help technology vendors retain their clients by better understanding the challenges they are facing. This also gives vendors confidence that they are making the right investments in product development.”

How EY can help

We help you effectively harness the power of technology to simplify, rationalize and centralize your firm’s operations, clearing the way to improve efficiency and extend product capabilities to attract new investments.

We help you effectively harness the power of technology to simplify, rationalize and centralize your firm’s operations, clearing the way to improve efficiency and extend product capabilities to attract new investments.

WAMapps is a single, secure platform that enhances risk management across audit, reporting and tax for asset management and wealth management firms. It leads to sharper insights, more flexible reporting and smoother workflows.

The team

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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

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